Cboe Posts Adjusted Earnings of $3.63 a Share and Extends S&P License Through 2051
Key Facts
Cboe Global Markets reported third-quarter 2026 results on October 30, posting net revenue of $712.2 million, up 18% year over year, and adjusted earnings per share of $3.63. Earnings beat Wall Street’s average estimate of $3.42, while revenue exceeded the estimate of $707.3 million, according to Investing.com. Diluted earnings per share under accounting standards were $4.08, up 43% from the same period a year earlier, while adjusted earnings rose 36%, according to the company’s statement. The results followed a second quarter in which Cboe posted record net revenue of $731.6 million and adjusted earnings per share of $3.56. Revenue therefore fell from the previous quarter’s record level but remained above analysts’ estimates, while earnings continued to grow year over year.
Derivatives were among the quarter’s main drivers, with segment revenue rising 22%, driven by a 24% increase in average daily volume in index options. The company said record activity in contracts expiring on the same trading day supported this performance. Options revenue was $469.5 million, up 23% year over year, or $88.7 million, according to its filing. Cboe attributed the activity’s growth to a 14% rise in average total options volume and a 9% increase in revenue per contract. The figures show that both higher trading volume and improved revenue per contract contributed to options revenue growth during the quarter.
Other businesses posted mixed results, with revenue from cash markets and spot products rising 12%, while revenue from the global foreign exchange market increased 23% to $27.7 million. Data Vantage also posted record quarterly net revenue, up 13% from a year earlier, according to the company. By contrast, futures revenue fell 5% to $28.2 million, as average daily trading volume declined 7% year over year. Cboe’s share of European equities markets fell to 23.0% in the third quarter from 25.4% in the same period of 2025. These indicators set growth in options and market data against relative weakness in futures and European market share.
Alongside the results, Cboe confirmed an extension of its exclusive license with S&P through 2051, supporting the continuation of its privileges tied to the SPX and VIX indexes. According to the company’s filing with the U.S. Securities and Exchange Commission, the new agreement runs from September 28, 2026, through December 31, 2051. Cboe and S&P Dow Jones Indices announced on September 29 that they had extended the exclusive licensing agreement by 25 years, with Cboe retaining the exclusive right to offer trading in S&P 500 Index options. The updated licensing fees begin on January 1, 2027, according to the filing. The company said in its results statement: "We extended our exclusive license with S&P through 2051."
The company raised its 2026 organic net revenue growth outlook to the "high teens" range, from the previous "mid-to-high teens" range. It also raised its organic revenue growth outlook for Data Vantage to the "mid-teens" range, from the previous estimate in the "low teens" range. At the same time, Cboe lowered its full-year adjusted operating expense outlook to a range of $830–845 million, compared with the previous range of $838–853 million. The revisions reflect a higher revenue growth outlook and a lower projected range for adjusted operating expenses. As for its next step, the company said it had received the necessary Securities and Exchange Commission approvals to list and clear event contracts tied to corporate performance indexes, and expects to launch them in November 2026.